Economics Practice for FinalA+B+C

Front

Your high school is selling homecoming tickets to students. There is a limited supply and the principal decides the tickets will be sold to those who get there first. Which allocation strategy is being used?

Back

First Come, First Served

Front

If a school buys new Macbooks for all teachers, which factor of production is the school investing in?

Back

Capital

Front

What is the fundamental problem all societies must face?

Back

Scarcity

Front

You decide to open your own bakery. You get a loan, rent a building, hire 5 employees, and order all the necessary ingredients to start baking. Which factor of production do you represent?

Back

Entrepreneurship

Front

The economic theory of scarcity states that because resources are limited, people have to do which of the following? Make choices, Suffer, Make more resources, Borrow money

Back

Make choices

Front

In the circular flow diagram, in which of the markets are human resources exchanged for wages, salary, or income?

Back

Resource market

Front

An ice storm damages most of the peach crops in the southern United States. What will most likely happen to peach prices?

Back

Prices will increase

Front

What is the equilibrium price for this product according to the graph?

Back

$6

Front

According to the graph, what is the equilibrium quantity for this product?

Back

200

Front

What kind of business organization is Bill's Excellent Adventure Travel Agency, which specializes in exotic trips and allows him to not share decision-making, costs, liability, or profit?

Back

Sole proprietorship